The 15-year fixed-rate mortgage averaged 3.27%, up from last week when it averaged 3.23%. A year ago at this time, the 15-year averaged 2.89%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.12%, up from last week when it averaged 3.1%. At this time last year, it averaged 2.86%.

"Despite recent swings in mortgage rates, the housing market continues to show signs of strength — both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain," Becketti added.

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